Weekly Forex Market Update & Key Levels July 20 – 24th

WEEKLY FOREX UPDATE

EURUSD – The Euro is down even though Greece reached an agreement with the Euro group last week, suggesting that investors are not “buying” this agreement to be the end of the Europe’s troubles. This is now Greece’s third bailout in just a few years, what makes them think that this will work now? Europe’s problems are definitely not over and this is only creating a bigger mess for the end. Further downside bias in the Euro is to be expected.

EURUSDDaily-190715

USDCAD – Broke through an important resistance level at around 1.283.  I would wait for a pull back into this new support zone to go long on this trade. It is clear to me that traders/investors around the world are not feeling comfortable with what is going on and are piling into the the US Dollar as a “safe-haven”. This still seems to be true, but for how much longer?

USDCADDaily-190715

WTI – Price has consolidated in a tight range and is set for an exit strategy out of the range bound shortly. Oil is still facing a downside bias as the US Dollar is making new highs against some currency pairs. I would continue to wait on the sidelines and see what unfolds this week in the oil market.

WTIDaily-190715

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Chris Ferreira

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